EUR/USD: 4-hour

Boy, oh boy! It looks like euro bulls are running out of steam and might need to take a break from the recent rallies. The pair seems ready to pull back to the former resistance level at the 1.3300 major psychological mark, which could act as support from now on. When I drew the Fibonacci retracement levels, I noticed that the 1.3300 handle is right in line with the 38.2% Fib.

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The GBP/USD pair has been very hard to trade this year (as indeed have so many other pairs) because it hasnt really gone anywhere. However looking at the daily chart, it looks like a big move could be coming up very soon.

This is because the price is currently very close to the 200 day EMA, and this EMA has been moving sideways for the last few weeks. Furthermore the 5, 20 and 50 day EMAs are also tightly bunched up and close to this long term moving average.

Whenever this happens, we usually see a big trend emerge and the price will often start to head strongly upwards or downwards in the following weeks and months (away from all of these EMAs).

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The market thinks the Greek government are finally close to a deal with private and official sectors judging by the late afternoon surge in the Euro yesterday. The Euro-Dollar pushed back above 1.32 driving Sterling –Euro back through 1.20 and cable above 1.59. Whether this turns out to be the good news that the market is currently expecting, or another short term rally followed by a painful pull back remains to be seen, but there is reason to remain sceptical given the number of times over the last two years news about a Greek rescue deal moved the market in exactly the same way; Euro positive on the rumour, retracement on the fact. T

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The click, drag and drop approach of Expert Advisor Visual Wizard allows you to create visual representations of forex trading strategies and signals as you would with pencil and paper. These trading diagrams are analyzed automatically by Molanis’ MQL5 code generator that transforms them into ready to use Expert Advisors. T

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